Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Guess?, Inc. reported its second quarter fiscal 2025 results, demonstrating a mixed performance.</li><li>The company's revenue increased by 10% in U.S. dollars and 13% in constant currency, reaching $733 million.</li><li>This growth was primarily driven by contributions from all segments except Asia, and notably supported by the recent acquisition of rag & bone, which has been integrated smoothly.</li></ul>

Guess?, Inc. reported its second quarter fiscal 2025 results, demonstrating a mixed performance.The company's revenue increased by 10% in U.S. dollars and 13% in constant currency, reaching $733 million.This growth was primarily driven by contributions from all segments except Asia, and notably supported by the recent acquisition of rag & bone, which has been integrated smoothly.

Guess' Inc.: Are Its Enhanced Brand Awareness and Marketing Investments Paying Off? - Major Drivers

Equity Research Focusing on the Consumer Sector, Small Cap Consumer Research

Small Cap Consumer Research

Equity Research Focusing on the Consumer Sector

Small Cap Consumer Research, LLC is a leading company-sponsored equity research provider focusing on the consumer sector (apparel, brand licensing and specialty retailing segments).

<ul><li>We are lowering our projections and price target for GUESS?, but reiterating our Buy rating, after the company reported inline 2Q results, but lowered FY25 top and bottom line guidance, as the company continues to invest in marketing and infrastructure for their recently completed rag and bone acquisition and the launch of Guess Jeans, while the domestic store operations remain under pressure.</li><li>While we fully understand and agree with the potential of the material opportunities for rag and bone and Guess Jeans to leverage the company's global and licensing infrastructure in the longer term, we believe investor frustration in the near term will be a key theme.</li><li>That said, with the GES dividend yield of approximately 6% and with our belief the upside potential of both rag and bone and Guess Jeans will become increasingly apparent relatively quickly, we are maintaining our Buy rating, even after lowering our FY25 projections below management guidance.</li></ul>

We are lowering our projections and price target for GUESS?, but reiterating our Buy rating, after the company reported inline 2Q results, but lowered FY25 top and bottom line guidance, as the company continues to invest in marketing and infrastructure for their recently completed rag and bone acquisition and the launch of Guess Jeans, while the domestic store operations remain under pressure.While we fully understand and agree with the potential of the material opportunities for rag and bone and Guess Jeans to leverage the company's global and licensing infrastructure in the longer term, we believe investor frustration in the near term will be a key theme.That said, with the GES dividend yield of approximately 6% and with our belief the upside potential of both rag and bone and Guess Jeans will become increasingly apparent relatively quickly, we are maintaining our Buy rating, even after lowering our FY25 projections below management guidance.

GES: 2Q Review: Thinking Longer Term, But What About NT?; Lowering EPS, PT

<ul><li>We are reiterating our Buy rating, $37 price target and projections for GUESS?</li><li>after visiting stores in the Metropolitan New York City and Long Island regions.</li><li>While Guess?</li></ul>

We are reiterating our Buy rating, $37 price target and projections for GUESS?after visiting stores in the Metropolitan New York City and Long Island regions.While Guess?

GES: Snapping the Store: Last Days of Summer; Reiterate Buy, $37 PT

<ul><li>We are reiterating our Buy rating, slightly below consensus projections, and $37 price target for Guess?</li><li>with the company announcing 2QFY25 (July) results after the close on Wednesday.</li><li>We believe 2Q, the first full quarter of results from rag & bone, continued positive shifts in wholesale and European operations and a further fashion focus in the domestic retail market, positions Guess?</li></ul>

We are reiterating our Buy rating, slightly below consensus projections, and $37 price target for Guess?with the company announcing 2QFY25 (July) results after the close on Wednesday.We believe 2Q, the first full quarter of results from rag & bone, continued positive shifts in wholesale and European operations and a further fashion focus in the domestic retail market, positions Guess?

GES: 2Q Preview: Setting Up for 2H Upside; Reiterate Buy, $37 PT

<ul><li>We are reiterating our Buy rating and $29 price target, and tweaking our 3QFY25 projections ahead of earnings next Tuesday after the close.</li><li>While we believe the European operations have remained strong in terms of margins and top line growth, we believe the start of Fall in the domestic arena has been difficult, as a heightened focus on sweaters and outerwear, while fashion right and impressive, has been hampered by warmer weather, especially in men's.</li><li>The impact is even further exacerbated by the relative unimportance of 3Q for the company.</li></ul>

We are reiterating our Buy rating and $29 price target, and tweaking our 3QFY25 projections ahead of earnings next Tuesday after the close.While we believe the European operations have remained strong in terms of margins and top line growth, we believe the start of Fall in the domestic arena has been difficult, as a heightened focus on sweaters and outerwear, while fashion right and impressive, has been hampered by warmer weather, especially in men's.The impact is even further exacerbated by the relative unimportance of 3Q for the company.

Tjx Companies Inc - 3Q Preview: Mixed NT, LT Positive Message Remains; Reiterate Buy, $29 PT

United States

Guess?, Inc. designs, markets, distributes, and licenses a collection of casual apparel, accessories, and related consumer products.  The Company's apparel for men, women, and girls are marketed under branded names.  Guess? provides full collections of denim and cotton clothing and has granted licenses to manufacture complementary products.

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Guess? Inc (GES US)

Guess' Inc.: Are Its Enhanced Brand Awareness and Marketing Investments Paying Off? - Major Drivers

Guess?, Inc. reported its second quarter fiscal 2025 results, demonstrating a mixed performance. The company's revenue increased by 10% in U.S....

Baptista Research

GES: 2Q Review: Thinking Longer Term, But What About NT?; Lowering EPS, PT

We are lowering our projections and price target for GUESS?, but reiterating our Buy rating, after the company reported inline 2Q results, but...

Small Cap Consumer Research

GES: Snapping the Store: Last Days of Summer; Reiterate Buy, $37 PT

We are reiterating our Buy rating, $37 price target and projections for GUESS? after visiting stores in the Metropolitan New York City and Long...

Small Cap Consumer Research

GES: 2Q Preview: Setting Up for 2H Upside; Reiterate Buy, $37 PT

We are reiterating our Buy rating, slightly below consensus projections, and $37 price target for Guess? with the company announcing 2QFY25 (July)...

Small Cap Consumer Research

Tjx Companies Inc - 3Q Preview: Mixed NT, LT Positive Message Remains; Reiterate Buy, $29 PT

We are reiterating our Buy rating and $29 price target, and tweaking our 3QFY25 projections ahead of earnings next Tuesday after the close. While...

Small Cap Consumer Research

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